Oil prices down in Asia


21/06/2012 11:12 AST  Business Standard
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Oil prices fell in Asian trade today on rising US crude stockpiles as traders lamented the lack of fresh stimulus measures from the Federal Reserve, analysts said.

New York's main contract, light sweet crude for August delivery, shed 89 cents to $80.56 a barrel on its first trading day and Brent North Sea crude for delivery in August retreated 58 cents to $92.11.

"The lack of fresh Fed stimulus, the downgrade to the US outlook and an unexpected rise in US inventories took their toll on the price," IG Markets said in a report.

The Fed yesterday announced that it was extending a bond-swap programme.

The plan is designed to push down interest rates on long-term bonds, encouraging investors to move money into more neglected securities and lowering costs for borrowers.

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